Cabinet approves a single regulator for all financial services in GIFT City

``The unifed body will be headed by a chairman and each of the regulators like Reserve Banof India, Sebi, PFRDA and IRDAI will have one representaives in the single regulatory body,'' said Sitharamn after th Cabinet meeting,   

 

New Delhi:

Finance Minister Nirmala Sitharaman on Wednesday said the Union Cabinet chaired by the Prime Minister Narendra Modi has approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) at GIFT City in Gujarat, a move that will contribute to better regulation and supervision of the financial entities.

 

 `The unifed body will be headed by a chairman and each of the regulators like Reserve Banof India, Sebi, PFRDA and IRDAI will have one representaives in the single regulatory body,'' said Sitharamn after th Cabinet meeting,   

 

The former Finance Minister Arun Jaitley in his udget 2018-19 had proposed a unified regulator for the International Financial Services Centre (IFSC) at GIFT City.

 
The move is expected to provide a further push to the IFSC.


While unveiling the Union Budget 2018-19, Jaitley has proposed for a unified financial regulatory framework providing for a single regulator for GIFT City.
 

GIFT (Gujarat International Finance Tec-City) has been set up by the state government as India's first IFSC that brings together world class infrastructure, connectivity, people and technology on a single platform for businesses across the world.


IFSC at GIFT City is probably the first such centre to be launched after the 2008 global financial crisis.


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